European Union Regulation 2271/96 (Blocking Regulation) (5.560)

This circular explains how the European Union has updated its Blocking Regulation in response to the reinstatement of U.S. measures relating to trade with Iran. It also outlines the possible legal and commercial issues for shipowners and insurers, including the guidance on seeking authorisation where compliance could seriously damage business interests.

London P&I sets out the background to the EU response, the new annex to the regulation, and the issues raised by the potential conflict between U.S. sanctions and EU obligations.